Even though precise evaluation of money demand function is essential for cen- tral banking and for the right determination of the transmission mechanism, economists have not reached a consensus about the underlying determinants of money demand function neither their magnitude and direction. Researchers differ even in the selection of measures used for the main variables - income, and interest rate. While the heterogeneity in elasticity estimates of the former one has been scrutinize in several quantitative surveys, to the best of our knowledge, there has not been compiled any meta-analysis focusing on differences among the interest rate elasticities of the money demand. Therefore, we collected 53 studies reporting 1 094 estimates of interest rate elasticity. Implementing both the state-of-the-art methods and those proposed only recently, we have found out that researches are prone to selective reporting. Firstly, our results shows that negative publication bias is present in empirical studies of the money de- mand and increases the average elasticity estimate approximately three times (in absolute terms). Secondly, negative highly precise estimates are more likely to be compared to their imprecise counterparts. Additionally, we scrutinize po- tential sources of heterogeneity among individual...

Submitted by Cristiane Oliveira (cristiane.oliveira@fgv.br) on 2011-06-03T15:27:17Z No. of bitstreams: 1 66080100245.pdf: 1185208 bytes, checksum: 1c92dd32cf10e3a490cb68ccd33a95ab (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-03T16:42:42Z (GMT) No. of bitstreams: 1 66080100245.pdf: 1185208 bytes, checksum: 1c92dd32cf10e3a490cb68ccd33a95ab (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-03T16:57:26Z (GMT) No. of bitstreams: 1 66080100245.pdf: 1185208 bytes, checksum: 1c92dd32cf10e3a490cb68ccd33a95ab (MD5) / Made available in DSpace on 2011-06-03T17:04:38Z (GMT). No. of bitstreams: 1 66080100245.pdf: 1185208 bytes, checksum: 1c92dd32cf10e3a490cb68ccd33a95ab (MD5) Previous issue date: 2010-12-17 / This paper consists of a study on interest rates sensitivity and adverse selection through personal loans offers in credit cards considering two different samples conducted by a major Brazilian financial institution. Each one of the public was randomly divided into subgroups that received identical personal loan offers, changing the interest rate only. We analyzed the response rate for each subgroup as well as some risk characteristics for all customers within one year after the loan offer. For both audiences was found that customers who accepted the loan had a higher credit risk in comparison to those ones who did not hire. For the higher income public, interest rate has significantly contributed to both the acceptance of the loan and risk level of customers. Lower interest rates offers converted a greater number of customers into loans and customers who accept offers with lower interest rate showed to have a lower risk level than those who contracted the loan with higher interest rates. For lower income public, interest rate was found to be insensitive both in the acceptance rate of the loan and customers risk level, i.e. customers did not take into account the interest rate when analyzing response rates (the response rate was the same for different interest rates) and no differentiation of risk level, unlike what happened with higher income public. / O trabalho consiste em um estudo sobre sensibilidade a juros e seleção adversa por meio de ofertas de empréstimo pessoal atrelado ao cartão de crédito para dois públicos de rendas diferentes realizado por uma grande instituição financeira brasileira. Cada um dos públicos foi dividido aleatoriamente em subgrupos que receberam ofertas de empréstimo pessoal idênticas, alterando-se apenas a taxa de juros. Foi analisada a taxa de resposta para cada subgrupo, assim como as características de todos os clientes até um ano após a oferta do empréstimo. Para os dois públicos foi constatado que clientes que aceitam o empréstimo possuem maior risco de crédito em comparação com os clientes que não contratam o mesmo. Para o público de renda mais alta, a taxa de juros mostrou ser fator importante tanto na aceitação do empréstimo quanto no nível de risco dos clientes. Taxas de juros mais baixas converteram uma maior quantidade de clientes em contratos de empréstimo, sendo que estes possuíam menor risco de crédito do que aqueles que contratam o empréstimo com taxas mais altas. Para o público de renda mais baixa, a taxa de juros mostrou ser insensível tanto na taxa de aceitação do empréstimo quanto no nível de risco dos clientes, ou seja, clientes não levaram em consideração a taxa de juros quando analisamos taxas de respostas (o nível de aceitação foi o mesmo para taxas de juros diferentes) e não houve diferenciação de nível de risco para as taxas de juros ofertadas, ao contrário do que aconteceu com o público de renda mais alta.

Submitted by Alexandre Otomo de Almeida (otomo.almeida@gmail.com) on 2017-03-04T15:15:48Z No. of bitstreams: 1 Dissertacao_vf2.pdf: 906019 bytes, checksum: 389d53353d9269653e591405747ca68f (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Alexandre, boa noite Para que possamos aceitar seu trabalho, por gentileza, realizar os ajustes de acordo com as normas a ABNT: Diminuir os espaços entre as frases do título. A apresentação ocorreu em 2017. Alterar São Paulo 2016, para São Paulo 2017. Na contra capa e folha de assinaturas, em campo de conhecimento deverá colocar sua área: Economia. Em seguida, submeter novamente o arquivo. att on 2017-03-07T00:11:09Z (GMT) / Submitted by Alexandre Otomo de Almeida (otomo.almeida@gmail.com) on 2017-03-07T02:06:07Z No. of bitstreams: 1 Dissertacao_vf2.pdf: 905969 bytes, checksum: ddcaca60b92b7d4a93c6ae17626d4f8a (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2017-03-08T23:41:02Z (GMT) No. of bitstreams: 1 Dissertacao_vf2.pdf: 905969 bytes, checksum: ddcaca60b92b7d4a93c6ae17626d4f8a (MD5) / Made available in DSpace on 2017-03-09T13:17:42Z (GMT). No. of bitstreams: 1 Dissertacao_vf2.pdf: 905969 bytes, checksum: ddcaca60b92b7d4a93c6ae17626d4f8a (MD5) Previous issue date: 2017-02-09 / This paper consists of a study over the impact of interest rates and maturities of loans for electronics and home appliances in Brazil, designed for consumers with credit constraints. Using micro data on loans of one of the largest retailers in the Brazilian market, some econometric models were built using conditional and nested logit approach, in order to estimate elasticities of loan demand with respect to the interest rate, the maturity of the loan and the terms value. Moreover, marginal substitution rates were also estimated between those attributes to evaluate consumer’s propensity to choose different combinations of loan conditions. Given the number of different product categories sold by this retailer, two of the most important were selected. The results suggest that the interest rate, the payment terms and the loan maturity are important factors on consumer decision. Loan demand is leveraged by loan’s smaller interest rates and payment terms. However, there is a material marginal substitution rate between payment terms and loan maturity or interest rate. This means that consumers are highly prone to change from loans with higher payment terms to others with lower ones, even if they face higher interest rates and longer terms to maturity. Results also suggest that consumers are not really aware of the real value paid for these products. / O trabalho tem por objetivo o estudo do impacto da taxa de juros e dos prazos de financiamento sobre a demanda de eletroeletrônicos no Brasil para os públicos com restrição de acesso a crédito. Utilizando dados de vendas por meio de crédito direto ao consumidor (CDC) de um grande varejista brasileiro, foram construídos modelos logit condicional e aninhado para dimensionamento das elasticidades da demanda às taxas de juros, aos prazos de parcelamento e ao valor das parcelas. Além disso, foram dimensionadas as subsequentes taxas marginais de substituição entre os atributos dos planos de financiamento oferecidos aos clientes, para avaliar a propensão à troca de condições de planos de financiamento pelos consumidores. Dada a extensão das categorias de produtos existentes no varejista em questão, foram selecionadas duas categorias de alta representatividade no resultado de vendas. Para as duas categorias selecionadas, foi constatado que a taxa de juros é fator importante na decisão de compra, bem como o número e valor das parcelas. A demanda se mostrou positivamente impactada por taxas de juros menores, bem como por valores de parcela menores. No entanto, os consumidores se mostraram altamente dispostos à substituição de planos com prazos de financiamento e taxas de juros menores por planos com valores menores das parcelas. Por fim, foi constatado que os consumidores têm baixa consciência do valor real pago pelos produtos comprados.